Refunding bonds

November's total volume rose 7.8% to $28.464 billion in 652 issues. For volume to top total 2022 issuance, December would need to see $44.329 billion of issuance.

The IRS concluded the examination of an advance refunding of capital improvement funds with no change to the bonds' tax-exempt status.

Washington will auction $483 million in two tranches on Tuesday.

The deal has new-money and refunding components and is expected to hit the market in a negotiated sale the week of Nov. 13.

October's total volume rose 29.3% to $37.156 billion in 661 issues from $28.738 billion in 614 issues a year earlier. New-money grew more than 30% while refundings were up by nearly 75%.

The rating agency cited ongoing positive financial and enplanement trends at the airport, which is planning a refunding.

The upgrades brought the Orange County Transportation Authority managed lanes toll credit to double-A levels across the board.

Total volume for the month was $26.062 billion in 677 issues, down from $36.583 billion in 928 issues a year earlier, according to Refinitiv data.

Total volume for the month was $30.599 billion in 577 issues, down from $40.423 billion in 900 issues a year earlier. Total issuance year-to-date is at $107.626 billion, falling 25.2% from the same period of 2022.

The Investing in Our Communities Act, introduced by House members Kustoff, R-Tenn., and Ruppersberger, D-Md., would reinstate tax-exempt advance refunding.

The collapse of Silicon Valley Bank and Signature Bank won't impact the Fed or the market enough to cause rates to drop and refunding volume to significantly increase, according to muni experts.

"We urge you to use rescue plan money to make your community safer," Biden said. "Invest in affordable housing, get small businesses back on their feet, train your workforce." 

Muni issuers are staunchly opposed to what they characterize as an unfunded mandate that provides limited benefits.

Rep. Jason Smith sold colleagues on his intentions to strictly oversee the Biden administration.

The organization is focused on some key muni priorities with the new year and new Congress.

The muni market saw $384.086 billion of debt sold in 2022, nearly $100 billion less than $483.234 billion in 2021.

While hope remains for certain muni priorities in 2023, others look highly unlikely to gain traction in an ideologically-split Congress.

Total November volume stood at $19.712 billion, the lightest of any month year-to-date, in 527 versus $37.073 billion in 1,055 issues a year earlier, according to Refinitiv data.

Total October volume was $24.951 billion in 510 deals versus $41.811 billion in 1,068 issues a year earlier, according to Refinitiv data.

Richmond issued $154.1 million in pension obligation bonds in a refunding that terminates swaps, ends a county intercept, and extends the final maturity.